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- Global Grow Light Market
Global Grow Light Market to Reach US$ 6.99 Billion by 2027, Bolstered by Significant Growth in the Agriculture Sector
January 18, 2022
The latest report by IMARC Group, titled “Grow Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global grow light market size reached US$ 3.58 Billion in 2021. A grow light, or plant light, refers to an artificial source of light that is used to stimulate plant growth. It makes use of fluorescent, incandescent, and high-intensity discharge lamps that emit light suitable for performing photosynthesis. Grow lights promote plant growth as they supplement sunlight, color, and temperature to the plants and can also be customized according to specific needs such as flowering inhibition, anthocyanin accumulation, and enhanced rooting. As a result, grow lights find application in indoor farming, landscaping, as well as research and commercial greenhouses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Grow Light Market Trends:
The market is primarily driven by the rapid growth of the agriculture sector. Besides this, the rising adoption of vertical and indoor farming practices is also contributing to the market growth as grow lights decrease the risk of damage caused by pests and insects and reduce the use of harmful pesticides. Grow lights also provide enhanced energy efficiency, versatility, color quality and increased cost competitiveness as compared to conventional lighting technologies. In addition to this, governing authorities are supporting the trend of indoor farming due to the rising awareness regarding their environmental benefits. As a result, there has been an increased demand for grow lights across the globe. Furthermore, the increasing demand for food due to the limited availability of arable land and the rising shift from traditional farming practices toward commercial greenhouse cultivation are also significantly impacting the market growth. Moreover, the development of smart grow lights integrated with the Internet of Things (IoT) is anticipated to create a favorable market outlook. Looking forward, the market value is expected to reach US$ 6.99 Billion by 2027, exhibiting at a CAGR of 12% during the forecast period (2022-2027).
Market Summary:
- Based on technology, the market has been segmented into HID, LED, fluorescent, and others.
- On the basis of the installation type, the market has been classified into new and retrofit installations.
- The market has been categorized based on the spectrum into full- and partial spectrum.
- On the basis of the application, the market has been segregated into indoor farming, vertical farming, commercial greenhouse, turf and landscaping, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others).
- The competitive landscape of the market has been examined, with some of the key players being Epistar Corporation, Everlight Electronics Corporation Limited, Gavita International B.V., General Electric Company, Heliospectra AB, Illumitex Inc., Koninklijke Philips N.V., LumiGrow, Inc., Osram Licht AG, and Shenzhen Juson Technology Corporation Limited.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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